Blockchain: Market Shares, Strategies, and Forecasts, Worldwide, 2018 to 2024

Published: Jan, 2018 | Pages: 210 | Publisher: WinterGreen Research
Industry: Technology & Media | Report Format: Electronic (PDF)

Global Blockchain Market is expected to grow at a significant CAGR in the upcoming period as the scope and its applications are rising enormously across the globe. The Blockchain is a distributed ledger technology that keeps a record of all data exchanges and verifies each transaction. It is a mathematical structure for storing data, which is nearly impossible to fake and is used for storing valuable data.

The global market for blockchain at $708 million in 2017 is anticipated to reach $60.7 billion in 2024. The factors that are playing a major role in the growth of blockchain market are high demand for ledger technology, growing initial coin offerings and cryptocurrencies market cap, reduction in total cost of ownership, and increasing acceptance of Blockchain-as-a-Service.

Blockchain market is segmented based on organization size, application, end-user, and region.
Based on organization size the market could be explored in large enterprises and small & medium-sized enterprises (SMEs). Large enterprises sector is estimated to account for the significant market share in years to come. The reason behind the overall market growth could be customer satisfaction and huge investment in R&D activities.

The market may be categorized based on applications like Governance, risk and compliance management, Payments, Supply chain management, Exchanges, Digital identity, Smart contracts, Documentation, and others could be explored in the forecast period. Payment sector may account for the significant market share of blockchain and is estimated to lead the overall market in the years to come.

IT and telecommunications, banking, financial services, and insurance (BFSI), real estate, government and public sector, transportation and logistics, healthcare and life sciences, travel and hospitality, media and entertainment, retail and e-commerce, and other end-users could be explored in blockchain in the forecast period. Real estate vertical is estimated to grow at highest CAGR in the years to come.

Blockchain market is segmented geographically into Americas (North America, South America), Europe (Eastern Europe, Western Europe), Asia Pacific (India, China, Japan, New Zealand, and Australia), Middle East (UAE, Saudi, and Qatar) and Africa (South Africa).

Globally, North America may account for the significant market share of Blockchain and is estimated to lead the overall market in the years to come. The reason behind the overall market growth could be the presence of key manufacturers with huge operation base in this region and application of payment, smart contracts, and documentation.

Europe and the Asia Pacific are also estimated to have a positive influence on the future growth. Europe is the second largest region with significant market share. However, Asia Pacific is estimated to grow at the highest CAGR in the forecast period. The developing countries like India and China are the major consumers of Blockchain in this region.

The key players of blockchain market are Ripple, Abra, Microsoft Corporation, AlphaPoint, International Business Machines Corporation, Bitfury Group Limited, Factom, Amazon Web Services, Inc., BTL Group Ltd., Digital Asset Holdings LLC, Earthport PLC, and Coinbase. These players are concentrating on inorganic growth to sustain themselves amidst fierce competition.

Companies Profiled

Market Leaders

• IBM
• Microsoft
• Accenture

Market Participants

• Axoni
• Abra
• Advanced Micro Devices’
• BTL Group
• BlockCypher
• BitFury Group
• Chain
• ConsenSys
• Deloitte
• Ethereum
• Ezyremit
• Global Arena Holding
• Provenance
• R3
• Ripple
• Scorechain
• Slock.it
• TATA Consultancy Services

Key Topics

• Distributed ledger
• Bitcoin
• Blockchain
• Cryptocurrency
• Digital economy
• Bitcoin Transactions
• Digital Transactions
• Digital Currency
• Plm Software
• Data Center Infrastructure, Enterprise Application Industry Trends
• Enterprise Application Market
• Financial Ledger
• Internet architecture
• Transactions in real time
• Enhanced security
• Collaborative business
• Across enterprise boundaries

 Table of Contents

Abstract: Blockchain Markets Headed to $60 Billion Worldwide by 2024 1
TABLE OF CONTENTS 3
BLOCKCHAIN EXECUTIVE SUMMARY 15
Blockchain Market Driving Forces 15
Blockchain Leverages Artificial Intelligence (AI) 18
Blockchain Market Shares, Dollars, Worldwide, 2017 19
Blockchain Market Forecasts 20

1. Blockchain: Market Description and Market Dynamics 23
1.1 Blockchain Market Description and Market Dynamics 23
1.2 Blockchains: Cryptographically Secured Distributed Ledgers 24
1.2.1 Blockchain Companies Initial Coin Offerings - ICOs 24
1.2.2 Transfer Of Social Trust: From Institutions To Systems Using WellTested Computer Code 26

2. Blockchain Market Shares and Forecasts 28
2.1 Blockchain Market Driving Forces 28
2.1.1 Blockchain Leverages Artificial Intelligence (AI) 32
2.2 Blockchain Market Shares 34
2.2.1 Blockchain Market Shares, Dollars, Worldwide, 2017 36
2.2.2 IBM and Microsoft 37
2.2.3 IBM Blockchain 38
2.2.4 IBM Implements AI Support for Blockchain 39
2.2.5 IBM Blockchain Decentralized Ledger In Supply Chains 39
2.2.6 IBM Blockchain Decentralized Ledger In Medical Industry 40
2.3 Blockchain Market Forecasts 40
2.4 Blockchain Applications 46
2.5 BFSI: Blockchain Impact on Stock Market 50
2.5.1 Blockchain Impact on Financial Services and Banking - Forecasts to 2024 62
2.6 Blockchain for Healthcare 64
2.7 Blockchain for Cybercurrency and Legal Industry 70
2.8 Blockchain for Supply Chain 73
2.9 Blockchain for Internet of Things 75
2.9.1 SoftBank CEO Masayoshi Son Sees 1 Trillion Devices for Internet of Things 80
2.10 Cloud Revenue 81
2.11 Blockchain Pricing 83
2.11.1 IBM Blockchain 83
2.11.2 Microsoft Blockchain Pricing 86
2.12 Blockchain Regional Market Segments 88

3. Blockchain Product Description 91
3.1 Blockchain Best Known For Being The Technology Underlying Cryptocurrencies 91
3.2 JPMorgan Chase Blockchain Network Quorum 92
3.3 Blockchain Best Known For Being The Technology Underlying Cryptocurrencies 93
3.4 HIVE Blockchain Technologies 94
3.5 Accenture 94
3.6 Hitachi 94
3.7 Overstock 94
3.8 Digital Currency: BitCoin 95
3.9 China Opens Its Financial System To The World 98
3.9.1 China Ending Anonymity of Virtual Accounts to Cryptocurrency Exchanges 99
3.10 Korean Blockchain Association 100
3.11 European Union Central Bankers On Cryptocurrency 101
3.12 Fidelity Investments, Blockchain 103
3.13 Ethereum 104
3.14 Blockchain Bitcoin 105
3.15 Ripple Blockchain 107

4. Blockchain Research and Technology 108
4.1 On a Blockchain, a Node Replicates The Data For All Nodes 108
4.2 Blockchain Electricity Usage 109
4.3 Accenture Patent Tied To "Editable Blockchain" 109

5. Blockchain Company Profiles 110
5.1 360 Blockchain Inc 110
5.2 Accenture 110
5.2.1 Accenture Blockchain Solutions 110
5.2.2 Accenture Blockchain Partnerships 110
5.2.3 Accenture Alliance with Digital Asset Seeks To Fundamentally Change The Way Companies Verify And Settle Transactions 111
5.2.4 Accenture Collaborates with Partners 112
5.2.5 Accenture Digital Asset Partners 113
5.2.6 Accenture Revenue 118
5.3 Abra 118
5.4 Amazon 119
5.4.1 Amazon Blockchain Partners 120
5.4.2 Amazon Blockchain Partner Solutions 123
5.4.3 Amazon Sawtooth 125
5.4.4 Corda R3 125
5.4.5 PokitDok 125
5.4.6 Samsung Nexledger 125
5.4.7 Quorum 126
5.4.8 Amazon Blockchain Deloitte 126
5.4.9 Luno 127
5.4.10 Amazon Web Services 128
5.5 Axoni 129
5.5.1 Comments from Axoni Users as to Reliability of Equity Swap 133
5.5.2 Axoni Confirmation Templates 134
5.6 BitFury Group 135
5.6.1 Richard Branson Digital Currency Summit On Private Caribbean Island 136
5.6.2 Bitfury Group Blockchain Analytics 137
5.6.3 Bitfury Group Lightning Network 137
5.7 Binance Exchange 138
5.8 BlockCypher 138
5.8.1 BlockCypher Payment Forwarding 139
5.9 BTL Group 140
5.9.1 BTL Blockchain Platform, Interbit For Energy Trading. 141
5.9.2 BTL Group Blockchain Based Cross-Border Settlement Solution 141
5.10 Chain 143
5.10.1 Chain and Changetip Participate with The Nasdaq-Created Blockchain System Linq 144
5.10.2 Chain Partners 144
5.11 ConsenSys 146
5.12 Deloitte 146
5.13 Digital Asset Holdings 146
5.14 Ethereum 147
5.14.1 Ethereum / Advanced Micro Devices’ (AMD) 149
5.14.2 Ethereum Blockchain CryptoKitties 149
5.15 EzyRemit 150
5.16 Fidelity Investments 152
5.17 Global Arena Holding 152
5.18 Goldman Sachs 152
5.19 IBM Blockchain 154
5.19.1 IBM Batavia 155
5.19.2 IBM Internet of Things 156
5.19.3 IBM Supply Chain Tracking 156
5.19.4 IBM Blockchain in the Supply Chain 157
5.19.5 Use Cases for IBM IoT and Blockchain 158
5.19.6 IBM Watson IoT Blockchain 159
5.19.7 IBM Revenue 159
5.19.8 IBM Datacenter Blockchain 163
5.20 JP Morgan Chase 165
5.20.1 JPMorgan Chase Quorum Blockchain Technology 166
5.21 Microsoft Blockchain 167
5.21.1 Microsoft Strengthening Blockchain Partnerships 167
5.21.2 Microsoft Revenue 168
5.22 OnChain Public Platform Project In Conjunction with NEO 171
5.23 NEO Open Source Blockchain 172
5.24 Provenance 172
5.25 R3 173
5.25.1 Blockchain Startup R3 CEV Attracts $107M From BofA, HSBC, Intel and Others 174
5.25.2 JPMorgan Chase & Co Quit the R3 Initiative 175
5.25.3 R3 Corda 176
5.26 Ripple 177
5.26.1 Ripple XRP Digital Asset for Payments 178
5.26.2 Ripple Labs a Global Leader In Distributed Ledger Technology 179
5.26.3 Ripple XRP The Digital Asset 181
5.26.4 Ripple Product Manager; Joined From JP Morgan Chase 181
5.26.5 Ripple Board of Directors, Susan Athey Has Strong Ties to Microsoft 182
5.27 SAP 184
5.28 Scorechain 184
5.29 Slock.It 186
5.29.1 Slock.It Addresses Global Market for Sharing 186
5.29.2 Slock.it $2 Million USD Seed Funding to Build Next-Generation Sharing Economy Platform 188
5.30 TATA Consultancy Services 190
5.30.1 TCS Integrated Blockchain Solution 190
5.30.2 TCS Risk Information Management Solution 192
5.31 Other Blockchain Companies 198
WinterGreen Research, 206
WinterGreen Research Methodology 206
WinterGreen Research Process 208
Market Research Study 208
WinterGreen Research Global Market Intelligence Company 209

List of Figures

Figure 1. Blockchain Ledger Market Driving Forces 16
Figure 2. Major Growth Drivers Of The Blockchain Market 17
Figure 3. Blockchain Market Shares, Dollars, Worldwide, 2017 19
Figure 4. Blockchain, Market Forecasts Dollars, Worldwide, 2018-2024 21
Figure 5. Blockchain Ledger Market Driving Forces 30
Figure 6. Major Growth Drivers Of The Blockchain Market 30
Figure 7. Blockchain Market Shares, Dollars, Worldwide, 2017 36
Figure 8. Blockchain Technology Market Shares Dollars, Worldwide, 2017 37
Figure 9. Blockchain, Market Forecasts Dollars, Worldwide, 2018-2024 42
Figure 10. Blockchain Market Segment Forecasts, Banking, Finance, and Insurance, Healthcare, Cybercurrency, Supply Chain, and Internet of Things (IoT),Lexington, Massachusetts
Figure 11. Blockchain Market Segment Forecasts, Banking, Finance, and Insurance, Healthcare, Cybercurrency, Supply Chain, and Internet of Things (IoT), Percent, Worldwide, 2018-2024 44
Figure 12. Segmentation Of The Global Blockchain Market By End-User (BFSI, Supply Chain, Healthcare 46
Figure 13. Blockchain Applications 47
Figure 14. Blockchain Applications By Provider 48
Figure 15. Blockchain Applications By Organization Size and Type 48
Figure 16. Blockchain Applications By Industry Vertical 49
Figure 17. Blockchain Market by Provider 49
Figure 18. Stock Agent Stock Transfer Flow Diagram 51
Figure 19. Stock Transfer Agent Central Clearinghouse Model for Stock Trade Settlement 52
Figure 20. Direct Transfer Model Using Blockchain 53
Figure 21. Modern Stock Transfer Agent Business Challenges 55
Figure 22. Lehman Brothers Illustrates Problem With Stock Transfer Centralization 56
Figure 23. Advantages of Decentralized Securities Platform: 57
Figure 24. Blockchain for Banking, Finance, and Insurance, Market Forecasts Dollars, Worldwide, 2018-2024 63
Figure 25. Blockchain for Healthcare, Market Forecasts Dollars, Worldwide, 2018-2024 65
Figure 26. Blockchain for Cybercurrency, Market Forecasts Dollars, Worldwide, 2018-2024 70
Figure 27. Blockchain for Supply Chain, Market Forecasts Dollars, Worldwide, 2018-2024 74
Figure 28. Blockchain for Internet of Things (IoT), Market Forecasts Dollars, Worldwide, 2018-2024 76
Figure 29. IBM Blockchain Cost 84
Figure 30. IBM Blockchain Pricing Plans 85
Figure 31. Blockchain Regional Market Segments, 2017 88
Figure 32. Blockchain Regional Market Segments, 2017 89
Figure 33. Bitcoin Year-To-Date Performance, late 2017 93
Figure 34. Difficulties of BitCoin Cybercurrency 102
Figure 35. Fidelity Identification of Barriers To Blockchain Adoption 103
Figure 36. Ethereum Platform Decentralized Processing 108
Figure 37. Accenture Digital Asset Partners 113
Figure 38. Amazon Blockchain Technology Features 120
Figure 39. Selected AWS Blockchain Partners 121
Figure 40. Axoni Investors 129
Figure 41. Axoni Equity Swap Data Functions 131
Figure 42. Axoni Equity Swap Blockchain Data Disadvantages 132
Figure 43. Bitfury Group Suite Of Offerings 136
Figure 44. BlockCypher Functional Modules for Blockchain 138
Figure 45. BTL Blockchain Platform Industries Served 140
Figure 46. BTL Group Blockchain Functions Supported 142
Figure 47. BTL Group Blockchain Transformative Technologies Benefits 142
Figure 48. Chain Network 143
Figure 49. Chain Partners 145
Figure 50. Chain Core Enterprise Edition Functions 145
Figure 51. Ethereum Blockchain Platform 147
Figure 52. EzyRemit, EzyHedge, and EzyRemit B@B Solutions 151
Figure 53. Use Cases for IoT and Blockchain 158
Figure 54. JPMorgan Chase Blockchain Technology Aims 166
Figure 55. Onchain Blockchain Project Modules 171
Figure 56. Distributed Ledger Network Modules Build Infrastructure 172
Figure 57. xCurrent is Ripple’s enterprise software solution 178
Figure 58. Ripple Strategic Investors 179
Figure 59. Ripple Offers Speed 181
Figure 60. Yana Novikova, Product Manager; joined Ripple from JP Morgan Chase 182
Figure 61. Susan Athey is Professor of Economics at Stanford Graduate School of Business 183
Figure 62. Scorechain Blockchain Partners 185
Figure 63. Slock.It Addresses Shared Resource Market 187
Figure 64. Slock.It USN Registry and Access Control 188
Figure 65. Slock.It USN Key Differentiators 189
Figure 66. TATA Consultancy Services Integrated Blockchain Modules 191
Figure 67. TATA Consultancy Services Integrated Blockchain Platform Build 191
Figure 68. TATA Consultancy Services Integrated Blockchain Benefits 192
Figure 69. TCS Risk Information Management Solution 193
Figure 70. TCS' Integrated Information Management Framework for Financial Firms 194
Figure 71. TATA Consultancy Services Benefits 195
Figure 72. TCS Blockchain Advantage 197
Figure 73. Blockchain Companies: Startups With ICOs 200